Earnings call transcript: Avax One swings to profit in Q3 2026 as stock whipsaws

Avax One reported a significant turnaround in its third quarter of 2026, moving from a loss to a profit of $49.9 million, or $6.11 per diluted share. Revenue surged fourfold to $2.4 million, driven by staking rewards and Bitcoin mining. The company eliminated over $14.9 million in convertible debt and is focused on a digital asset treasury strategy tied to the Avalanche ecosystem.

Staking rewards accounted for $1.8 million, or 75% of revenue, while Bitcoin mining contributed $700,000. Adjusted operating expenses were about $4.7 million. Cash and cash equivalents fell to $8.5 million, down from $22.1 million at the end of the previous year, reflecting capital deployment into AVAX holdings and debt reduction.

The company's shares saw volatility, closing at $4.19 on Thursday, down 10.28% from the previous close, but rebounded 8.35% after hours to $4.54. Despite the profit, much of the improvement came from unrealized gains on digital assets, which can reverse quickly if prices fall. Management emphasized its commitment to growing AVAX ownership per share, improving staking yields, and using capital for shareholder benefit.